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NEWS ROUND-UP Lotte’s online sales total US$1.25bn in 2016


[Lotte Group was targeted by the Chinese government over the US THAAD missile deployment]. “Now Chinese customers buy more


than South Koreans online. Our total Lotte online sales total was US$1.25bn in 2016. We expected over 30% online sales growth this year without recent diplomatic problems involving South Korea and China. “For total duty free sales we expected a


Although Lotte’s bricks & mortar stores clearly make up the majority of the group’s revenue, the company’s online sales also grew rapidly in 2016 driven by South Korean and Chinese customers. Perfume and cosmetics account


for the largest share of online sales with international and South Korean cosmetics brands accounting for a 50/50 split in revenue. “Our main online shop is Lotte


Duty Free Sogong store,” Kim Te Ho, Managing Director of Lotte Duty Free’s Merchandising Strategy Division, exclusively told TRBusiness. “Online sales have been growing very strongly until the THAAD missile issue.


20% increase without political problems this year. The Lotte Sogong shop is strong for FIT traveller sales which are over 40% of the store’s sales.” Although Lotte offers lower prices online,


some customers still prefer to purchase offline, whilst expecting a high standard of customer experience and staff interaction. “We are researching omni-channel


shopping as people who buy online also buy offline as well,” Kim remarked. “If people purchase offline we may have


to pass something on to the travel agent, but for online shopping no commission has to be paid. “There are no sales people, construction costs or sales commission with online sales,


‘Protectionism is worrying for our airports’, says Patti Chau


Patti Chau (pictured left), Regional Director, ACI Asia- Pacific told TRBusiness in an exclusive interview that protectionism is a concern for airports, especially


following the election of US President Donald Trump. “Protectionism, as we’ve seen it, is


worrying for our airports and some of the countries that are very trade dependent. I think this will drive emerging economies in Asia Pacific to be more dependent on larger economies, such as China, to stimulate intra-regional trade. “The Trans-Pacific partnership is now


cancelled – the US was driving that – so China will probably pick that up and start


to form its own group. It’s very uncertain at the moment.” Chau also spoke about airport


infrastructure developments in India and how privatisation has been ‘essential’ for the Indian aviation industry. “Until the National Civil Aviation Policy (NCAP), the Indian regulatory framework was often not clear for airport private investors. “This regulation will apply ‘hybrid


till’ [a model that considers a combination of non-aeronautical and aeronautical revenues to fix airport charges] across the board, so this will certainly provide the much- needed regulatory certainty in the market and attract private participation in airport projects.” Patti Chau’s interview appears on p40.


SME operators exceed expectations at Incheon Airport


One development among Incheon’s duty free operators that previously was not anticipated is that the airport’s new SME operators performed better than expected in 2016 and generally obtained higher revenue from their outlets than the previous concession holders; including South Korea’s leading duty free operators. “SME shops are doing well,” Kim


Bum Ho, Incheon International Airport Corporation (IIAC) told TRBusiness. “Their sales are above expectations compared to their bid forecasts. “As their sales grow, more brands are


being invited to the SME shops.” All operators keep merchandise sales under continual


review,


adjusting brands and products to meet changing market conditions. “Some operators have changed


chocolate confectionery for ginseng products,” Kim noted. “South Korean cosmetics brands are


popular and their face mask products are popular.” For more from Kim Bum Ho, Incheon


International Airport Corporation (IIAC) read the full interview on p91 within the TRBusiness Annual South Korea Report.


so we pass on a discount to the customer. “The government limits merchandise


that can be sold online – only perfume and cosmetics and some fashion items at the moment. Customers wanting luxury brands come to our offline stores, so we are researching the two sales channels.” The full-length Lotte report features on p99 within the TRBusiness South Korea Report.


MIUMIU.COM


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